In Texas, operating profits of $126 million from its ethanol unit during the fourth quarter, up from a loss of $13 million the previous year, helped Valero to offset losses at its refining unit thanks to higher crushing margins and low corn prices. Refining margins fell by more than $2.50 a barrel between Q4 2015 and Q4 2016. Increased profits helped boost net income attributable to shareholders to 81 cents per share from 62 cents the previous year.